EXHIBIT 12



FLEETBOSTON FINANCIAL CORPORATION

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS

TO FIXED CHARGES AND PREFERRED DIVIDENDS



EXCLUDING INTEREST ON DEPOSITS

(dollars in millions)



|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|----------------------------------------------------- |  | ----------------------- | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ------ |  | - | -----
|                                                      |  | Year ended December 31,
|                                                      |  | 2003                    |       | 2002 |   | 2001  |  | 2000 |       | 1999
|Earnings:                                             |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|Income from continuing operations before income taxes |  | $                       | 3,961 |      | $ | 2,292 |  | $    | 1,541 |      | $ | 5,925  |  | $ | 3,919
|Adjustments:                                          |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|Fixed charges:                                        |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|Interest on borrowed funds                            |  |                         | 1,441 |      |   | 1,610 |  |      | 2,816 |      |   | 3,912  |  |   | 3,182
|1/3of rent                                            |  |                         | 83    |      |   | 88    |  |      | 97    |      |   | 105    |  |   | 124  
|Preferred dividends                                   |  |                         | 28    |      |   | 27    |  |      | 44    |      |   | 64     |  |   | 83   
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|Adjusted earnings                                     |  | $                       | 5,513 |      | $ | 4,017 |  | $    | 4,498 |      | $ | 10,006 |  | $ | 7,308
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|                                                      |  |                         |       |      |  
|Fixed charges and preferred dividends                 |  | $                       | 1,552 |      | $ | 1,725 |  | $    | 2,957 |      | $ | 4,081  |  | $ | 3,389
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      
|                                                      |  |                         |       |      |  
|Adjusted earnings/fixed charges                       |  |                         | 3.55x |      |   | 2.33x |  |      | 1.52x |      |   | 2.45x  |  |   | 2.16x
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |      



INCLUDING INTEREST
ON DEPOSITS

(dollars in millions)



|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|----------------------------------------------------- |  | ----------------------- | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ------ |  | - | ------
|                                                      |  | Year ended December 31,
|                                                      |  | 2003                    |       | 2002 |   | 2001  |  | 2000 |       | 1999
|Earnings:                                             |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Income from continuing operations before income taxes |  | $                       | 3,961 |      | $ | 2,292 |  | $    | 1,541 |      | $ | 5,925  |  | $ | 3,919 
|Adjustments:                                          |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Fixed charges:                                        |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Interest on borrowed funds                            |  |                         | 1,441 |      |   | 1,610 |  |      | 2,816 |      |   | 3,912  |  |   | 3,182 
|1/3of rent                                            |  |                         | 83    |      |   | 88    |  |      | 97    |      |   | 105    |  |   | 124   
|Interest on deposits                                  |  |                         | 1,383 |      |   | 2,072 |  |      | 3,501 |      |   | 4,412  |  |   | 4,154 
|Preferred dividends                                   |  |                         | 28    |      |   | 27    |  |      | 44    |      |   | 64     |  |   | 83    
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Adjusted earnings                                     |  | $                       | 6,896 |      | $ | 6,089 |  | $    | 7,999 |      | $ | 14,418 |  | $ | 11,462
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|                                                      |  |                         |       |      |  
|Fixed charges and preferred dividends                 |  | $                       | 2,935 |      | $ | 3,797 |  | $    | 6,458 |      | $ | 8,493  |  | $ | 7,543 
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|                                                      |  |                         |       |      |  
|Adjusted earnings/fixed charges                       |  |                         | 2.35x |      |   | 1.60x |  |      | 1.24x |      |   | 1.70x  |  |   | 1.52x 
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       



---

EXHIBIT 12 (continued)



FLEETBOSTON FINANCIAL CORPORATION

COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS

TO FIXED CHARGES



EXCLUDING INTEREST ON DEPOSITS

(dollars in millions)



|                                                      |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|----------------------------------------------------- |  | ----------------------- | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ----- |  | - | -----
|                                                      |  | Year ended December 31,
|                                                      |  | 2003                    |       | 2002 |   | 2001  |  | 2000 |       | 1999
|Earnings:                                             |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|Income from continuing operations before income taxes |  | $                       | 3,961 |      | $ | 2,292 |  | $    | 1,541 |      | $ | 5,925 |  | $ | 3,919
|Adjustments:                                          |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|Fixed charges:                                        |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|Interest on borrowed funds                            |  |                         | 1,441 |      |   | 1,610 |  |      | 2,816 |      |   | 3,912 |  |   | 3,182
|1/3of rent                                            |  |                         | 83    |      |   | 88    |  |      | 97    |      |   | 105   |  |   | 124  
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|Adjusted earnings                                     |  | $                       | 5,485 |      | $ | 3,990 |  | $    | 4,454 |      | $ | 9,942 |  | $ | 7,225
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|                                                      |  |                         |       |      |  
|Fixed charges                                         |  | $                       | 1,524 |      | $ | 1,698 |  | $    | 2,913 |      | $ | 4,017 |  | $ | 3,306
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      
|                                                      |  |                         |       |      |  
|Adjusted earnings/fixed charges                       |  |                         | 3.60x |      |   | 2.35x |  |      | 1.53x |      |   | 2.47x |  |   | 2.19x
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |       |  |   |      



INCLUDING INTEREST
ON DEPOSITS

(dollars in millions)



|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|----------------------------------------------------- |  | ----------------------- | ----- | ---- | - | ----- |  | ---- | ----- | ---- | - | ------ |  | - | ------
|                                                      |  | Year ended December 31,
|                                                      |  | 2003                    |       | 2002 |   | 2001  |  | 2000 |       | 1999
|Earnings:                                             |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Income from continuing operations before income taxes |  | $                       | 3,961 |      | $ | 2,292 |  | $    | 1,541 |      | $ | 5,925  |  | $ | 3,919 
|Adjustments:                                          |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Fixed charges:                                        |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Interest on borrowed funds                            |  |                         | 1,441 |      |   | 1,610 |  |      | 2,816 |      |   | 3,912  |  |   | 3,182 
|1/3of rent                                            |  |                         | 83    |      |   | 88    |  |      | 97    |      |   | 105    |  |   | 124   
|Interest on deposits                                  |  |                         | 1,383 |      |   | 2,072 |  |      | 3,501 |      |   | 4,412  |  |   | 4,154 
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|Adjusted earnings                                     |  | $                       | 6,868 |      | $ | 6,062 |  | $    | 7,955 |      | $ | 14,354 |  | $ | 11,379
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|                                                      |  |                         |       |      |  
|Fixed charges                                         |  | $                       | 2,907 |      | $ | 3,770 |  | $    | 6,414 |      | $ | 8,429  |  | $ | 7,460 
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |       
|                                                      |  |                         |       |      |  
|Adjusted earnings/fixed charges                       |  |                         | 2.36x |      |   | 1.61x |  |      | 1.24x |      |   | 1.70x  |  |   | 1.53x 
|                                                      |  |                         |       |      |   |       |  |      |       |      |   |        |  |   |